Citigroup has acquired Wachovia Corp for approximately $53. After acquisition by Citibank, Wachovia will remain a public company. Citibank will acquire all subsidiaries and related liabilities of Wachovia which totals about $700 billion.

Citibank will bear $42 billion loss of Wachovia. The failure of Wachovia Bank is the most recent example of American economic crisis which is followed after failure and acquisitions of some giant business organizations in USA.